INSIDE
This Issue DUAL AGENCY DO’S AND DON’TS PAGE 5
THE DANGERS OF OVERLY-OPTIMISTIC PRICING PAGE 7 CLASSIFIEDS PAGE 7
APRIL 9-15, 2021
INSIDE
TABLE OF CONTENTS
PAGE
5
Dual agency do’s and don’t ....................................P5 Q&A
Ask Our Broker.......................................................................P6
The Dangers Of Overly-Optimistic Pricing.........................................P7 Classifieds............................................................................P7
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April 9, 2021
STAT Real Estate Stat
$313,000 The median price of home sales in the month of February, 2021 Source: National Association of Realtors
FEATURED HomE FRom covER: Skagit Tradition Realty LLc 3780 E. college Way mount vernon, WA 360-424-0300 www.skagittraditionrealty.com
$500,000
Danya Wolf
(360) 708-8294
The French doors welcome you to this lovely two story Camano Island home with choice of view entry or ground level entry with ante room. Wonderful view of the Cascade Mountains, Mount Baker, Port Susan; and beach rights. 3 bedrooms (2 bedroom septic) plus 2 full baths; kitchen with breakfast bar, warm and welcoming living room with propane insert fireplace and a huge wrap around deck. Lower level also offers a view; a bedroom/den/office, utility/laundry room with a deep sink, and a nice size garage (544 square feet) with workshop space. Natural light from cupola provides extra ambiance. Wonderful yard with easy maintenance. Short walk to community beach. MLS# 1753491 April 9, 2021
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1386 Country Club Drive, Camano islanD
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s o r b a m d m o n i
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Dual agency do’s and don’ts
By Erik J. Martin
“Dual agency often occurs when both the listing agent and the buyer’s onventional wisdom holds that agent work for the same home buyers and brokerage and represents sellers each need their the two parties in either own real estate agent to a mutually dependent represent their respective transaction or a unique best interests. But there transaction,” explains are occasions where you Georges Benoliel, founder may want to consider of NestApple, a real estate dual agency, an arrangebrokerage firm based in ment whereby one agent New York City. or one brokerage compaAnother scenario that ny represents both parties often leads to dual agency in the same transaction. is when a fresh buyer, This paradigm has its who hasn’t yet chosen an detractors and disadvan- agent or Realtor, contacts tages, but some benefits a listing agent mentioned may outweigh the cons, on the “For sale” sign of a depending on your situ- home. ation. “Dual agency can Case in point: When also occur when a buyer the seller and buyer hap- looks at new construcpen to employ the same tion homes. They tour a brokerage. model home and end up
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working with the agent inside who represents the builder selling the properties,” notes Jason Gelios, a Realtor in Macomb Township, Michigan. The advantages of dual agency sound enticing. “If you are a buyer working with an agent you like, and they bring a new home listing on the market, you can keep that same agent. Or if you don’t have an agent and you go directly to the seller’s agent, they will be incentivized financially to get your offer accepted,” says Jonathan de Araujo, an agent with Lexington, Massachusetts-headquartered The Vantage Point Team at Berkshire Hathaway HomeServices. Additionally, communi-
cation can be much more streamlined in a dual agency transaction. “Generally, things can be accomplished more quickly, as you only have to deal with one agent. You may have access to more properties, too,” Jamie Safier, an agent at Douglas Alleman in Manhattan, says. It’s possible to save money when you only have one agent involved, as well. “If one broker or agent is handling the entire transaction, they could lower their commission fee and offer a discount to each party,” adds Safier. Benoliel says the best candidates for dual agency include buyers competing in an ultra-competi-
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tive seller’s market. “If many shoppers want to purchase the same property, the listing agent may incentivize a buyer that has no agent because the listing agent could potentially make twice the commission by representing both sides,” he continues. Dual agency can also be a good option if the buyer knows the listing agent well and wants to move swiftly on a transaction, suggests Safier. However, many experts don’t recommend dual agency for most buyers and sellers. “Unlike a typical buyer’s agent or seller’s agent, a dual agent cannot advise either the buyer or the seller on how best
to negotiate or how they should respond to an offer or counteroffer,” cautions de Araujo. “And if they have information about either the buyer or seller that would be beneficial to the other party, they cannot disclose it.” For buyers, this means the agent may not be trying to get you the best deal, may not be advising you of things they see in the house that could dissuade you from moving forward with an offer, and may not advise you how much to offer or what to put in your offer. “And for sellers, this means the dual agent will not be advising you how to respond to an offer, what potential pitfalls to look out or in an offer, and if they know of any issues that would prevent the buyer from completing the transaction,” de Araujo adds. Benoliel compares dual agency to a husband-andwife sharing a divorce lawyer, with the lawyer not having loyalty to either side. “Many will argue that dual agent relationships are risky, as it is complicated for one person or brokerage to be completely impartial,” he says. If you opt for a dual agent, vet the professional carefully. “Ask a ton of questions. Read all paperwork carefully, too. Most states require a dual agent to have you sign an acknowledgment of this arrangement – read it and fully understand what’s involved,” recommends de Araujo. “Lastly, have an attorney review your sales contract before you sign it.” 5
Balancing credit usage while applying for a loan Question:
We applied for a mortgage last week. Our loan officer said we should buy groceries, gas, and not much more until the loan closes and avoid adding to credit cards or opening new credit lines. Why did she offer such advice?
Answer:
The loan officer is trying to prevent an application surprise. You may think your application is a sure thing, but that may not be the case. When lenders look at your mortgage application they’re interested in such things as your credit score and debt-to-income ratio (DTI). A post-application spending spree can impact both measures and – in some cases – force the lender to decline the loan. At first this may seem strange. Long ago it used to be that lenders took the information submitted for a loan application and used it to accept or decline a loan. In effect, the information was static. Later the system changed to include a pre-closing re-check to assure that credit scores and debts had not materially changed.
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Now, with Big Data and artificial intelligence (A.I.), lenders can check at any point during the application process to assure that you continue to meet loan qualification requirements. In practice, this means you want to establish a spending “quiet” period between application and closing. First, forget about big purchases. Anything that adds to credit cards or loan totals should be avoided. For marginal borrowers new and higher amounts of debt can push DTI levels above allowable limits. Unfortunately, a lot of people live on the edge. According to WalletHub the number of people who maxed out their credit cards last year increased by 28%. Second, don’t open new credit accounts. The opportunity to get 10 percent off from a purchase in exchange for a new store credit card may seem alluring, but new credit is also additional credit. That impacts your credit mix and the amount of credit available to you. Such changes can lower credit scores. Third – and somewhat oddly – do not close credit accounts. You might have an account with a $5,000
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Q&A
ASK OUR BROKER By Peter G. Miller
line of credit that has not been used for years. If you close the account it can change your credit mix and lower the amount of credit available to you. These changes can reduce your credit score. Fourth, keep up your credit standing. As always, pay all bills in full and on time. Fifth, if you have extra cash consider paying down bills, putting the money into savings, or bulkingup checking accounts. At the same time, be sure your checking account has a line-of-credit to avoid overdrafts. Sixth, forget about career changes until after the loan is settled. A new job can set off a need for new employment verifications and more paperwork. Seventh, stay in touch with the loan officer. It doesn’t hurt to send an email every two weeks or so to see how the application is progressing. Does the lender need additional paperwork? Are there any additional steps you need to take? Keep copies of everything you send to the lender in case an item is lost. Email your real estate questions for Mr. Miller to peter@ctwfeatures.com.
April 9, 2021
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CLASSIFIEDS
RETAIL OR OFFICE SPACE FOR LEASE, 1090 SQUARE FEET SPACE LOCATED AT THE WILSON HOTEL, 804 COMMERCIAL AVENUE IN DOWNTOWN ANACORTES. RENT IS APPROXIATELY $1475.00 PER MONTH. CALL SANDY AT 360293-7831 EXT 200 OR EMAIL AHA@FIDALGO.NET FOR DETAILS.
PUBLISHER'S NOTICE
The Dangers Of Overly-Optimistic Pricing By Marilyn Kennedy Melia ome sellers are pumped Fannie Mae’s Home Purchase Sentiment Index, based on a survey early this year of 1,000 consumers show a big jump in the belief that this is a good time to sell. Overall, that’s a very rational judgment. The median price of an existing home sold in January reached $303,900, a 14.1 percent increase from a year earlier. And, media reports – and neighborhood gossip – have buzzed about bidding wars
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between multiple buyers. Why, then, were 52 percent of real estate agents recently surveyed by HomeLight reporting that one of their biggest challenges this year would be sellers who want to over-price their home? “If people overly focus on such stories [about price jumps],” explains Aner Sela, University of Florida consumer psychology expert, “then that can certainly lead them to overvalue their property.” Sellers would benefit if they didn’t start imagining what they could get before research-
ing available facts, he adds. “If people start with a high-price ‘anchor’ in mind, it can be difficult to sufficiently adjust this perception … even if people know it is probably too high.” Sellers can interview possible listing agents, who prepare a detailed ‘market analysis,’ showing prices paid recently on similar homes in the area. When prices are escalating quickly, prices of other current for-sale homes, help keep pace. Agents, armed with stats, who tell sellers “what they need to know, not what they want to hear,” are likely to price to sell,
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says Irene Keene of Coldwell Banker Realty, Madison, CT. Even if an unrealistically high price still lures a buyer, they would need to pay cash, since a lender won’t finance a property that doesn’t appraise based on comparable prices, Keene adds. Sela advises talking not just to agents, but to their past seller clients, to probe how accurate an agent’s pricing and marketing proved to be. “Promise the reference provider that their opinion will remain confidential, and try to speak with two to three unrelated sources,” Sela concludes.
All rental and real estate for sale advertising in this newspaper is subject to the Fair Housing Act which makes it illegal to advertise any preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status or national origin, or an intention, to make any such preference, limitation or discrimination Familial status includes children under the age of 18 living with parents or legal custodians, pregnant women and people securing custody of children under 18. This newspaper will not knowingly accept any advertising for the rental or sale of real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertising in this newspaper are available on an equal opportunity basis. To complain of discrimination call HUD at (206) 220-5170.
2 Bdrm house with loft on 1/4 acre, needs remodeled but is livable, asking $179,500. To view call 520-221-1607 or 360-840-3292.
10 - January 29, 2019
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18582 CaSCade ridGe Ct, Mount vernon
$998,000
Private 5.78 equestrian acres surround this 3130 square foot custom home with elegant finish work: European hardwood floors with inlay; 3 fireplaces, one which is open to both the country kitchen and the dining room; 3 large bedrooms, two with a “Jack and Jill” bath; 2 family rooms. Plenty of parking. 528 sq. ft. garage; 36 X 36 barn with three stables; a tack room; shop space; plus a loft. Four separate fenced areas for horses, plus an outdoor arena. Wonderful trails throughout wooded portion. Conway Schools through eighth grade. Choice of Mount Vernon High School, Stanwood High School, or LaConner High School Danya Wolf thereafter. MLS#1742520 360-708-8294
2xxx urBan avenue, Mount vernon
$600,000
4629 Beaver Pond drive S.
$105,000
7704 Silver lake road, Maple FallS
Start your new home on this private 13,929 sq.ft lot in Eaglemont with all utilities in the street, surrounded by greenbelt and wooded area for maximum privacy, wonderful neighborhood with beautiful homes, walking distance to Clubhouse and restaurant with awesome views and sunsets. Eaglemont is an 18 hole Golf Course Championship Public Course!
lotS 2&3 lakeSide drive, GlenHaven lakeS
Elva Hunter
360-202-3086
$49,900
oPen HouSe aPril 10tH & 11tH 11-1PM
Office Manager/Broker
w CaSCade way #l61&62, MarBleMount
Prime commercial property with utilities in Energy electricity; Cascade Natural Gas, fiber optics; cable; and sewer. Subject To survey Chicago Title Company easterly parking lot and Max Dale Restaurant’s south easterly parking area.
Danya Wolf
360-708-8294
45153 kokanee trail lot # 3C3
$48,000 4969 Helena lane #2C78, lake tyee
What To Bring: Wine/Spirits, Snacks, Food, Clothes, Firewood TURN KEY! Sweetest vacation spot located at Lake Tyee. The trailer has a bedroom and bunk beds for the littles. Every little detail of this property is absolutely adorable; from the renovations of the trailer to the cozy deck, engaging yard and firepit area. COME Sherry Ruderman QUICKLY! YOU WANT THIS ONE! (360) 540-1552
Build your dream home on these two adjoining lots near Glenhaven community amenities: pool, clubhouse, tennis/basketball courts, outdoor exercise area, playground, enjoy nature with trails and trout stocked lake, 2 boat launches, community events; near several area lakes. Easy commute, 1/2 way between Mount Vernon and Suzanne Jenkins Carla Fischer Danya Wolf Bellingham. MLS# 1628528 360-941-2983 360-982-0010 360-708-8294
$79,500 44947 kayak trail #2B36, ConCrete, wa 98237
Looking out to Mount Baker and beautiful territorial views with your hot cup of coffee as you sit on your quaint comfy porch is just where you want to be after this crazy year. Start 2021 with the perfect get-away in the North Cascade Range Foothills. This almost brand new park model is nestled in LakeTyee Recreational Resort.The loft gives you extra sleep space for guests and there is plenty of parking, as well. You’ll enjoy this quiet, peaceful and gorgeous location. Come take a look for yourself. 210 days/yr and $162/mo Sherry Ruderman (360) 540-1552 dues includes water, septic and garbage. MLS# 1716532
i’m a Seniors real estate Specialist
Every transition is an opportunity, regardless of your stage of life. By partnering with an SRES like one of us, you gain the help and experience of a Realtor® specializing in meeting the needs of home buyers and sellers 50+. We offer you the opportunity to complete your transaction with patience, professionalism and the expertise you deserve. We are pleased to be Carla Fischer Elva Hunter YOUR SRES® 360-982-0010 360-202-3086
$74,900 44585 idaHo lane #1B42, ConCrete, wa 98237
Perfect time to snag this little piece of heaven at LakeTyee. This comfortable park model with room addition is the perfect retreat. Imagine yourself snuggled up with a hot cup of cocoa and looking out the window as you see the giant snow flakes drop on the lake. This is the year to do so. Beautiful properties have come and gone, but this one is for you! Sherry Ruderman MLS# 1687797 (360) 540-1552
360.424.0300
$49,500
This beautiful piece of property sits along Grandy Creek. This lot has an RV and room addition to fit a large group. Enjoy the deck with gazebo while you listen to the creek. Or, sit by the fire pit while you relax and roasts some marshmallows for the smores. This one-of-a-kind location can be enjoyed throughout the year for get-aways. Dues $162/mo and enjoy for 210 days/year. Comes with lots of Danya Wolf Sherry Ruderman (360) 540-1552 amenities, water, septic, garbage and power. MLS# 1723545 360-708-8294
17180 MeMorial Hwy Mount vernon $415,000 10866 roCkPort St., roCkPort
6.98 acre tract zoned Rural Intermediate. Level acreage with great road access both from Memorial Highway and from Avon Allen Road. Stop light and curbs at the intersection. Special Use Permit potential.The Animal Hospital and an espresso stand is across the road to the west. 980 feet along Memorial Highway (SR-536); 620 feet along Avon Allen Road. Danya Wolf 360-708-8294 MLS# 1572330
$225,000
Very few properties manage to beautifully integrate the outdoors into their living space but this cabin in the woods will delight you with wilderness surroundings while cradling you in the kind of luxury you crave after a long hike. Let the magical flow of music from nearby Boulder Creek lull you to sleep in this cozy cabin kept toasty warm with a propane fireplace. Sip wine and relax on your covered deck down the short path from the cabin next to the wood fire in your cedar plank hot tub. This wonderland in the wilderness will certainly capture your imagination while providing a base for all your adventures in the Cascade Mountains. Sherry Ruderman MLS# 1729892 360-540-1552
street, including P.U.D. water, Puget Sound
and short plat. Property is located between
$329,000
This home‘lives bigger’than its stated size of 1491 sq.ft., offering 2 beds, plus bonus room, 1 3/4 baths on a large lot with ample parking, a detached 2 car garage and a HUGE storage building. The kitchen has a large pantry, skylight and plenty of cupboard/counter space. Master has a large shower with an oversized vanity and a walk-in closet. Living area features vaulted ceilings and ceiling fan. Main bath has 2 doors for easy accesst to the laundry room and the outdoors. This home is set back from the road and has a beautiful front yard or you can enjoy the privacy of the large yard in the Sherry Ruderman Patricia Box 360-540-1552 o: (360) 424-0300 C: (360) 941-9186 back, as well. MLS#1694535
$199,000
ING D N Great investment estment potential. pot E . 3 bed / 1.5 ba bath fixer upper P
on privatee 1.2 acres with ev evergreens and fruit trees. Outbuilding parking and spacious yard utbuilding. Theree is RV park offering beautiful territorial views.. Close tto Howard iller Steelhead Park. Make Miller S it yyour gateway to the North Cascades! Enjoy, nature, Sherry Ruderman Patricia Box hiking, fishing and wildlife (360) 540-1552 Office Manager/Broker o: (360) 424-0300 watching. MLS#1715163 C: (360) 941-9186
44974 kyuquot trail #2C90, lake tyee
$99,900
Dreams come true on this gem tucked away in Lake Tyee. Beautiful location with view of Mount Shuksan, the double parcel will fit friends on this glamping spot. 1 lot has a gorgeous and huge cover with deck. 2nd lot with deck to easily place another RV. Don’t wait long to view this property. Lots of amenities at Lake Tyee, not to mention the surrounding area of forest, rivers, creeks to fish, hike and enjoy nature. Sherry Ruderman (360) 540-1552 MLS#1729324 700 n reed St #22, Sedro-woolley
$100,000
ING D N This open flow w homePhas bedr 2 full baths, E 3 bedrooms,
ed cceilings,, spacious kitchen k vaulted with breakfast nook. ba has large soaking tub nook Master er bath and separ separate shower. Fenced back yard with Asian Pear tree, deck and storage Carla Fischer shed. Roof was replaced in 2012. 360-982-0010
3780 E. College Way, Mount Vernon
www.skagittraditionrealty.com 2043165
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